Chill your mixing bowl and beater(s) in the freezer for 5 minutes. This will help the whipping cream whip up nice and quickly.
Pour the heavy cream into the chilled bowl, then beat until it begins to thicken. Slowly add half (1/2 cup) of the powdered sugar, while mixing. Continue to beat until the cream has almost doubled in volume and is nice and fluffy.
Remove whipped cream from mixing bowl (into another bowl), and set in the fridge.
In the mixing bowl (empty, but no need to clean fully), add the cream cheese. Beat until smooth.
Add the remaining (1/2 cup) powdered sugar and mix until fully combined.
Add the hazelnut spread to the smooth cream cheese, and blend until fully combined. Add vanilla and blend.
Retrieve the whipped cream from the fridge and add one large scoop (about a cup) of whipped cream into the mixing bowl with the hazelnut spread/cream cheese mixture. Blend slowly (using the whisk attachment), until combined.
Add the remaining whipped cream to the bowl and use a spatula to gently fold/stir the whipped cream into the hazelnut mixture.
Fill and frost your prepared (cooled) cake as desired. You should have plenty of frosting to cover the cake and some remaining for decorative touches (to be added later). Move frosted cake to the freezer if you plan to add chocolate glaze (recipe follows).